REPORT: Seniors Will Pay $60,000 More For Medicare Under Romney/Ryan Plan
Source: Think Progress
REPORT: Seniors Will Pay $60,000 More For Medicare Under Romney/Ryan Plan
By Igor Volsky on Aug 24, 2012 at 9:53 am
The Romney/Ryan proposal to transform Medicares guaranteed benefit into a premium support structure for future retirees could increase costs by almost $60,000 for seniors reaching the age of 65 in 2023, a new report from the Center for American Progress finds. Current seniors would also have to pay more for preventive, hospital, and physician services should Romney and Ryan repeal the Affordable Care Act, facing an increase in health spending of between $7,900 and $18,600 over the course of their retirement.
Beginning in 2023, Romneys proposal which is modeled heavily on Paul Ryans FY 2013 budget would provide all retirees with a premium support subsidy to buy coverage from an exchange of private insurance plans or traditional Medicare. Private insurance plans in each geographical area would bid for how much they would charge to provide Medicare benefits and the premium subsidy would be tied to the premium of the plan with the second-lowest cost, or the premium for traditional Medicarewhichever is lower. If seniors choose a plan that costs more than the voucher, they will have to pay the difference. As a result, most seniors will have to spend more on coverage. Here are 5 reasons why:
1) Current seniors will pay more. The premium support structure does not kick in until 2023, so current seniors will remain in the existing Medicare program. But should Romney/Ryan repeal the Affordable Care Acts savings, beneficiaries will face higher cost sharing and premiums (particularly for preventive services) and seniors who have received prescription drug discounts, will now pay more for their medications. Whats more, Romney/Ryan would lower Medicaid spending significantly beginning next year, shifting federal spending to states and beneficiaries, and increasing costs for the 9 million Medicare recipients who are dependent on Medicaid.
Read more: http://thinkprogress.org/election/2012/08/24/739271/seniors-will-pay-60000-more-for-medicare-under-romneyryans-plan-report-finds/
AllyCat
(16,236 posts)All they have to do is die at retirement age and viola! problem solved and money saved!
RKP5637
(67,112 posts)kpete
(72,028 posts)peace, kp
RKP5637
(67,112 posts)jsr
(7,712 posts)sarcasmo
(23,968 posts)zbdent
(35,392 posts)and died before they could collect?
Do their families get a refund?
csziggy
(34,139 posts)Using the survivor benefits.
But other than that, insurance does not work that way. Aside from defined benefits, what you pay an insurance company is not refundable. Social Security is insurance, not a savings account.
24601
(3,963 posts)redeemed should the insured terminate the policy. Some do not. Cash value policies may be better for someone who insures their life for a specific beneficiary who dies first.
csziggy
(34,139 posts)And it was never intended or promised to be redeemable for cash.
If you want a n insurance that is redeemable, buy private insurance.
24601
(3,963 posts)further modified. Then you commented on Social Security.
My experience with insurance agents over the past 40 years is they have been more eager to sell us policies with no cash value because they believed there was no incentive to terminate it and take the cash value. That would perpetuate their hold over us and their commissions would continue. Once in their system, they felt that they had you where they wanted us.
livetohike
(22,165 posts)Thanks for posting it .
yardwork
(61,715 posts)So if Romney/Ryan get elected, I won't have healthcare when I retire.
RKP5637
(67,112 posts)Ed Suspicious
(8,879 posts)see the real enemy. That's been my sad experience recently.
RKP5637
(67,112 posts)and the really bad stuff slides right by. If people don't get their act together and pay attention to the right things this is going to be a pretty pathetic place for most people, and for many it already is.
SheilaT
(23,156 posts)I just turned 64, I actually have reasonable savings. With that and Social Security in a few more years, I've been looking forward to a quiet retirement. My total income will be noticeably under $60,000, however.
sarcasmo
(23,968 posts)julian09
(1,435 posts)kimbutgar
(21,224 posts)It's as if they want the people to die off early. A little eugenic action plan.
They_Live
(3,241 posts)Aviation Pro
(12,202 posts)....and that's at an expected life span of 75. So yes, the Lurch the Fucking StiffTM/Eddie the Fucking Rapist Enabler ParasiteTM plan will end up killing me.
Fuck both of you, collective phlegm.
SemperEadem
(8,053 posts)neverforget
(9,437 posts)Smilo
(1,944 posts)will never get any health care.
As it is now we have seniors who have to chose between eating and healthcare.
I hope the dems have something up their sleeves to get this message out, because I am sick of hearing RR's lies about Obama spending Medicare monies.
JDPriestly
(57,936 posts)From our accounts in the Caymans? LOL
Most seniors don't have that much money.
Neoma
(10,039 posts)A "Death to seniors!" kind of guy? Good grief.
rks306
(116 posts)Will cost around $6400. RyanRomney will cause people to pay more drugs. Medicare will go broke in less than 4 years. They take $700 billion to give tax cuts to the wealthy.
GTurck
(826 posts)calls it the Devil's Budget because it looks good, sounds good but is totally evil.
We can't afford anymore out of pocket costs for health care and this would devastate us financially and our families morally.
RKP5637
(67,112 posts)dkf
(37,305 posts)That means the federal income tax pays 75% of the bill for non-hospital expenses and part D, the drug benefit. This is regardless of income so that Warren Buffett types can get 75% of their doctor and drug benefits paid by our general treasury...that is severely in deficit.
Part A is only 30+% of Medicare expenses. This is the part that we pay into as workers.
If we don't cut regular expenses, how feasible is it that the treasury will be able to support all these medicare payments plus interest on the debt plus all the grants to states plus the military plus research and all the rest?
The numbers don't work out.
xtraxritical
(3,576 posts)1. Eliminate the income cap on Medicare and SS withholding for employees and employers. The main reason SS and Medicare are campaign issues with the Republicons is because employers hate having to pay their share and they have the wherewithal to buy political influence.
2. Bring home our troops from useless foreign wars. Shut down 180 military golf courses around the world. Cut the defense budget (Sequestration is the best thing to happen to this country since FDR.).
Either of these would restore the budget to surplus.
dkf
(37,305 posts)Actually the premiums are adjusted for income and the ACA made the rich pay more. But they still get subsidized. That makes no sense to me.
24601
(3,963 posts)commensurately.
sofa king
(10,857 posts)That's what it all magically comes down to, just in time for election season.
* Old people will have to pay more for health care.
* Women will have to pay more for health care.
* Minorities will have to pay more for being minorities.
* Everyone will have to pay more in taxes so rich people can pay less.
I've been shutting down political discussions for eighteen months now by saying, "you're going to pay yourself up to $3000 in recovered tax revenue if you sit this one out or vote all-Democrat." Many folks haven't believed me, but they haven't seen the Republican finger in their wallet just yet.
They will. Have you ever met a Republican who didn't take the money?
LiberalFighter
(51,170 posts)So far less than 1300 have tweeted that item.
All you need is a twitter account and then just go to the article at ThinkProgress and hit the twitter bird.
bobthedrummer
(26,083 posts)Bozvotros
(785 posts)They are going to take our Social Security and Retirement Savings. That is a given. The question is simply how they will do it. If we won't give in to their demands to privatize social security then they will just have to take it in increased health care costs as they strangle Medicare and Medicaid. Either way, they plan on taking it. The sinking economy has forced a huge chunk of private retirement savings into their hands as people cash out their savings to survive. The bloated ticks that feed on us would prefer getting our social security all at once, but if we start getting prissy and refuse to just hand it to them. they will just milk it away month by month.
Herlong
(649 posts)Republicans won't believe and independents won't see.